Rent to Own Homes in Salisbury
Salisbury provides easy access to both recreational areas and large metropolitan centers. The popular beach town, Ocean City, is just 30 miles to the east, and both Baltimore and the... Read More
Salisbury provides easy access to both recreational areas and large metropolitan centers. The popular beach town, Ocean City, is just 30 miles to the east, and both Baltimore and the nation’s capital, Washington, D.C., are about 110 miles to the northwest. Cape May and Atlantic City are both within about 100 miles. Philadelphia is 128 miles to the north. And the metroplex of Norfolk, Virginia Beach, Hampton, and Newport News can be easy reached by the Chesapeake Bay Bridge-Tunnel, a 23-mile link that connects the Delmarva Peninsula with mainland Virginia.The below results are primarily rent to own homes in Wicomico County, MD:
Salisbury provides easy access to both recreational areas and large metropolitan centers. The popular beach town, Ocean City, is just 30 miles to the east, and both Baltimore and the... Read More
Salisbury provides easy access to both recreational areas and large metropolitan centers. The popular beach town, Ocean City, is just 30 miles to the east, and both Baltimore and the nation’s capital, Washington, D.C., are about 110 miles to the northwest. Cape May and Atlantic City are both within about 100 miles. Philadelphia is 128 miles to the north. And the metroplex of Norfolk, Virginia Beach, Hampton, and Newport News can be easy reached by the Chesapeake Bay Bridge-Tunnel, a 23-mile link that connects the Delmarva Peninsula with mainland Virginia.The below results are primarily rent to own homes in Wicomico County, MD:
Beginning as a small colonial outpost, Salisbury’s location on the Wicomico River was a major factor in its growth and development. The city was founded in 1732, and it is believed to be named after the city of Salisbury in Wiltshire, England. By 1900 the population had reached 4,000, and it broke 10,000 before 1930. The 30,000 mark was reached by 2010.
Buying a Home in Salisbury
The median home price in Salisbury is $137,500, which is 26 percent lower than the national average. Current listings range from $32,900 to $1.6 million for a 6-bedroom, 8-bath, 6,700 sq. ft. home on the river. About 45 percent of the residential real estate is owner occupied. The overall cost of living is about five percent below the national average.
About 33 percent of Salisbury’s population is married, and the median age of the residents is 28.3. The median family income is about $35,500.
Wicomico County Schools serves Salisbury and is comprised of about 17 public schools. There are several private schools, including Salisbury Baptist Academy, Salisbury Christian School, and The Salisbury School. Post-secondary institutions include Salisbury University and Wor-Wic Community College.
Popular Neighborhoods in Salisbury
The Upper Ferry Estates neighborhood is comprised of medium- to large-sized single-family homes and apartments. The residences are established but not old, many having been built since 1970. Several have been built since 2000. It’s among the top 15 percent of neighborhoods in America in terms of income. The average home cost is about $269,000.
The Jackson Rd/St. Lukes Rd. area is made up of mainly small- to medium-sized single-family homes. Most are owner occupied. About 65 percent of the residents are married, which is a higher percentage than 95 percent of all the communities in the nation. As such, it’s a stable neighborhood – nearly 97 percent of the residents living there now were there five years ago. The median home cost is about $244,000.
Buying vs. Rent to Own Homes
You may be thinking of a move to the area of Salisbury. But buying a home can be a complicated process and requires a sizable down payment and pre-qualification. So you might think that buying a home is beyond your reach. Not necessarily. Many are taking advantage of rent-to-own arrangements. A portion of each month’s rent is applied toward a down payment to eventually buy the home. Those who may not be able to afford a down payment can still become proud homeowners.
Summary
Salisbury is ideally located near the coast – with plenty of good seafood and water activities nearby – as well as near several major metropolitan centers. And the Delmarva Peninsula has a much more “southern” feel than the other Mid-Atlantic states, with agriculture and fishing as the driving economic factors. Sweet tea, seafood, and southern cuisine add to the charm and make Salisbury a place well worth considering.
Rent to Own Realtors
Realtors can qualify buyers to get an idea of when they will be ready to purchase a rent to buy home and inform them on how long to set the lease term, but mortgage officers can do that too.
Banks can make a lot of profit off of a successful mortgage. That’s why mortgage officers will be willing to help you figure out the details of your rent to own deal. However, real estate agents don’t make enough profit off of rent to own deals to justify waiting a few years for the commission.
While real estate agents might be a logical partner in rent to own deals, you’ll have a lot of difficulties finding one to help you. For everything you think you need a realtor for, consider what other types of professionals might be able to help you, like title companies or lawyers.
About Our Listings
When you rent to buy a condo or a townhouse, you’re taking the first step toward becoming a homeowner. You can take advantage of many rent to own by owner programs with no credit check. Having bad credit shouldn’t stop you from owning one of your favorite apartments or houses.
While you lease-option or lease-purchase, you’ll work on improving your credit score and saving up a down payment so that you can qualify with the bank for the house you’re interested in. The bank is frugal with mortgage approvals because they often end up selling foreclosed homes for cheap prices because people cannot afford their mortgage payments.
When you lease to purchase, you’re making yourself into a better candidate for purchasing properties. Check out Rent to Own Lab’s free listings to find properties near me that meet your family’s needs.
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